Digest

• As Dominance drops below 40%, the Dow Drops to $48k. This is just a few days before $6 billion expiry.

• OpenDAO’s SOS Token Sets New Market Cap Record for Airdrop Tokens.

• South Korea to Block P2E Games, Metaverse and NFTs Lead Nation’s 2021 Gainers.

• Aave Collateralizes with Real-World Assets, Third Largest DeFi Protocol.

Bitcoin falls to $48k due to a drop in dominance below 40%. This is before the expiry of $6 billion. Shiba Inu takes over Bitcoin on Google

Bitcoin could be facing its biggest monthly drop since May, as it is poised to tumble. Over the last 6 weeks, the price of Bitcoin has steadily declined and another sharp drop in December has once again pushed the crypto’s price below$48k.

A 30-day price chart of Bitcoin (BTC) Source: Tradingview

Bitcoin is now at $47.488, down 5% over the last 24 hour. The sharp price slump has seen Bitcoin’s dominance over the crypto market drop to less than 40%. Bitcoin’s dominance, which was standing proud at over 70% in January, is now only 38.1%.

As news broke that total of 129 800 options contracts valued at more than $6 billion were set to expire this Friday, the decline was a result. Ahead of the options expiry, bearish sentiment has gripped Bitcoin investors, with predictions pointing to “max pain” for investors in the coming days.

Flipsider:

• 2021’s breakout meme coin, Shiba Inu, has surpassed Bitcoin to become the most viewed crypto on Google in 2021.

OpenDAO’s SOS Token Sets New Market Cap Record for Airdrop Tokens

On December 25, non-fungible token traders (NFT), received a Christmas surprise from OpenDAO, a new decentralized autonomous organisation (DAO) that began giving away free tokens for OpenSea users.

Although airdrop tokens have been around for a while, SOS Token has broken a record. 24 hours after its launch, OpenDAO’s SOS Token had topped a market cap of $320 billion when the token reached its all-time high of $0.000009001.

The market cap of OpenDAO’s SOS Token. Source: CoinGecko

According to OpenDAO, the goal of the project and its SOS token is “to pay tribute, to protect, to promote” the NFT community. OpenSea users that have transacted through OpenSea prior to December 23rd will receive 50% of the 100 trillion SOS coins. Already 63.6 trillion SOS coins have been claimed.

Flipsider:

• SOS is down after an explosive start. Its market capital now stands at approximately $182.2 million.

OpenDAO (SOS), price chart since launch. Source: CMC

Why you should care

Investors should be cautious, even though the start is flawless, experts warn, because there’s no clear plan and clearly articulated objectives.

South Korea to Block P2E Games, Metaverse and NFTs Lead Nation’s 2021 Gainers

South Korea has turned to P2E (play to earn) games, through which players can earn money, as it seeks to establish itself as the world’s leading crypto regulator. However, while P2Es have been gaining global popularity, South Korea’s government would see them prohibited.

Global app marketplaces such as Google (NASDAQ:) and Apple (NASDAQ.) have been asked by the Game Management Committee to block registrations of games that demand in-app payments before players can play. The GMC has taken a hard line against P2E games that violate age ratings.

Flipsider:

• Despite the crackdown on P2Es in South Korea, six of the nation’s 10 best-performing stocks in 2021 are linked to the metaverse or NFTs.

• Blockchain game developer ‘Wemade Max Co.’ leads the way, as its stock gained by 1,500% in 2021.

What you should care about

Despite the tightening regulations, cryptocurrencies remain legal in South Korea – an example many countries are looking to follow in 2022.

Real-World Assets Accepted as Collateral by Aave, Third Largest DeFi Protocol

The sector is still closely linked to cryptocurrency, despite the fact that decentralized finance protocols have seen a significant increase in their use. Aave, a DeFi protocol that allows users to pledge real-world assets for collateral, is a departure from the usual.

Aave unveiled a centrifuge on December 28th to tokenize assets such as freight invoices and bridge loans. These assets will become collateral to Aave loans once they have been tokenized.

Aave’s services list isn’t the only one growing. The total project value has increased to $12.1 billion with the addition of the SEBA Bank, which is based in Switzerland, to the whitelist.

Here is the 1-year TVL chart of AAVE. Source: DappRadar

DappRadar says that Aave is the third largest DeFi project. The number of active addresses increased by 18.01%, and the number has jumped 37.12% in the past 7 days.

Flipsider:

• AAVE governance token has been in decline for some time. AAVE dropped more than 13.50% in the past 24 hours.

You should care

DeFi Protocol includes real-world assets. This demonstrates that there are many uses of DeFi protocols. It also shows their potential for facilitating real-world changes.

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